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Which Way Wednesday – Helter Skelter – Again

Wednesday, October 26, 2016 7:07
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(Before It's News)

Image result for helter skelter

“When I get to the bottom I go back to the top of the slide

Where I stop and I turn and I go for a ride

Till I get to the bottom and I see you again” 
Beatles 

If you think you have deja vu, you are right.  The title of our Wednesday post two weeks ago was “Wednesday Weakness: Controlled Descent or Helter Skelter?” and we predicted the recent movement, saying:

Just as the path of the Helter Skelter is predictable, so is the eventual unwinding of a market rally and, no matter how much QE you pump into it, things do come down eventually.  Only when you build on the base are you able to raise the bottom of the slide.  Otherwise, no matter how high you climb – you will see that bottom again.  

And so, exactly two weeks later, we are back to the bottom of the slide and just as likely to go back to the top where we'll stop and we'll turn and we'll go for another ride until we get to the bottom and we do it again – yeah, yeah, yeah!  

There's nothing wrong with a repetitive market pattern, we're doing fantastically well getting in and out of futures plays and, as I noted that Wednesday, there are plenty of stocks we do like and we're doing plenty of bottom-fishing along the way because, while we're looking for a market correction in the short-term, in the long run we're pretty bullish.  Meanwhile, we're simply looking for the same Futures bounce lines we outlined at the time to confirm a real recovery:

  • Dow (/YM) 18,075 (weak) and 18,150 (strong)

Provided courtesy of Phil’s Stock World.

To read the rest of this article now, along with Phil’s live intra-day comments, live trading ideas, Phil’s market calls, additional member comments, and other members-only features – Come to the winning side at Phil’s Stock World by clicking here.

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